Latest news with #Like-MindedDevelopingCountries
Hindustan Times
2 days ago
- Business
- Hindustan Times
India flags finance as Bonn talks end
India has endorsed the views of Like-Minded Developing Countries, G77 and China groupings that adherence to Article 9.1 of the Paris Agreement, which mandates developed nations to provide financial assistance to developing countries, is critical as the world approaches the annual climate conference scheduled for November. Bonn Climate Meetings act as a midway point before COP (AP) During the closing plenary at the Bonn Climate Meetings, which act as a midway point before COP, India said that lack of progress on Article 9.1 has emerged as one of the foremost challenges related to climate finance. 'Lack of any progress on Article 9.1 is one of the foremost challenges related to climate finance. This is a global priority. This is a priority for Global South. This is not possible without international cooperation and the developed countries meeting their obligation and ensuring the urgent implementation of Article 9.1,' India's delegate at Bonn said. India has also expressed concerns about unilateral trade measures. '…we are concerned about the unilateral trade measures against the provision of Article 3.5 of the Convention. We are hearing unilateral carbon border adjustments, which directly contravene the principles of equity, CBDRRC, and the multilateral spirit of the Convention. We strongly urge parties to reflect on this and extend support to these matters in future deliberations,' Rajashree Ray, economic advisor, MoEFCC, said. While Article 9.1 says that developed countries must provide financial resources to assist developing countries for mitigation and adaptation, Article 3.5 of the UNFCCC mandates countries to cooperate for a supportive and open international economic system that would lead to sustainable economic growth and development. 'We need to put our best foot forward to strengthen multilateralism, rebuild trust, and ensure to find a just and equitable solution that leaves no one behind. As ever, India stands ready to work constructively with all parties… India is committed to a scientific approach to addressing climate change,' she said. One of the key agendas for COP30 is the 'Baku to Belem' road map to 1.3T, which is all about mobilising climate finance for the developing world. The spokesperson for LMDC grouping said there were 'many, many unfulfilled promises' from developed country partners. 'We have faced a lot of resistance from our developed country partners in moving forward agenda items that would support actual implementation of the Paris Agreement... Instead, our partners prefer to talk about having more dialogues, obfuscating the real issues underlying their failure to fully comply with their long-standing commitments since 1994… And as if to add insult to the injury, against our needs which run into trillions of dollars, developed countries chose to offer to mobilise only $300 billion for the New Collective Quantified Goal on climate finance (NCQG),' said Diego Pacheco, Bolivia's climate negotiator and spokesperson for LMDC. 'COP30 needs to inspire all of us to implement the Paris Agreement, grounded squarely on the principles of the Convention, equity and CBDR-RC, while unlocking the provision of public finance through implementation of Article 9.1, while seriously addressing trade restricted unilateral measures,' he added. At COP29, held in Baku, developing nations sought the mobilisation of $1.3 trillion with a $600 billion of this coming through grants and grants equivalent resources by 2030. However, the chair hastily gavelled a climate finance goal of 'at least $300 billion per year by 2035' from a wide variety of sources. Experts said the Bonn discussions were an example of the 'hypocrisy' of wealthy countries. 'In Bonn, we saw the theater of rich nations once again dodging their duty, hiding behind the smokescreen of technical talks while communities in the Global South are left to drown in broken promises. After decades of negotiations, the fundamental truth remains unchanged: there is no climate justice without climate finance,' Harjeet Singh, Climate Activist and Founding Director, Satat Sampada Climate Foundation. 'And the hypocrisy is stark: wealthy countries can find trillions for military spending and the fossil fuel industry, yet they sideline the adaptation finance that is crucial for helping people suffering from losses and damages. We cannot achieve a just transition away from fossil fuels or protect our people from devastating climate impacts until the wealthy countries that created this crisis finally meet their commitments with real, public grants,' Singh said.
Economic Times
4 days ago
- Business
- Economic Times
In Bonn, India leads climate finance fight for developing world ahead of COP30
Developing nations, led by India, are pushing for climate finance accountability at the Bonn climate conference, demanding developed countries fulfill their obligations under Article 9.1 of Paris Agreement. Dissatisfaction with COP29's climate finance outcomes fuels the push to include Article 9.1 as a formal agenda item at COP30. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads ( Originally published on Jun 24, 2025 ) Backed by strong interventions led by India, coalitions such as G77+China, the Like-Minded Developing Countries (LMDC), Alliance of Small Island States (AOSIS), Least Developed Countries (LDCs), and the African Group of Negotiators (AGN) came together to raise the issue of climate finance accountability at the ongoing SB62 Bonn climate conference The mobilisation of developing nations at Bonn is likely to set the tone for the upcoming COP30 in Brazil, where there is expected to be a strong push to include Article 9.1 of the Paris Agreement as a formal agenda item. This comes against the backdrop of widespread disappointment with the climate finance outcomes at COP29 in Baku in Bonn conference - an annual precursor to the COP - has seen a standoff between developed and developing countries over including Article 9.1 as a standalone agenda item. The article underscores the obligation of developed countries to provide financial resources to support both mitigation and adaptation efforts in developing the demand to list Article 9.1 formally on the agenda was not accepted, the conference Chairs permitted a formal consultation on the issue on June 23. India and Bolivia led the discussions, with active interventions from Nigeria, Chad, and the Arab the heart of the debate is Article 9.1 of the Paris Agreement, which states: "Developed country Parties shall provide financial resources to assist developing country Parties with respect to both mitigation and adaptation in continuation of their existing obligations under the Convention."However, developing nations argue that the poor implementation of Article 9.1 has undermined both climate equity and trust in the global climate regime. Most climate finance, they note, continues to be in the form of loans rather than grants, increasing the financial burden on vulnerable made a forceful pitch during the formal consultation, describing Article 9.1 not just as a moral imperative, but a legal obligation and the "cornerstone of climate equity." It cautioned that strategic deflections from the issue would only delay global climate action and asserted that the commitment cannot be replaced by loosely defined or indirect support concern over what it called a weakening of multilateralism in climate action , India stressed that implementing Article 9.1 was essential to restoring credibility, balance, and trust in the climate also termed the New Collective Quantified Goal (NCQG) on climate finance, announced at COP29 in Baku, as "grossly inadequate," "incomplete," and an "eyewash," sources told Indian delegation also flagged shifting narratives that place unrealistic burdens on developing countries, ignoring their domestic priorities and development challenges. It emphasised that additional climate finance must not come at the cost of undermining national development goals.
Time of India
4 days ago
- Business
- Time of India
In Bonn, India leads climate finance fight for developing world ahead of COP30
Backed by strong interventions led by India, coalitions such as G77+China, the Like-Minded Developing Countries (LMDC), Alliance of Small Island States (AOSIS), Least Developed Countries (LDCs), and the African Group of Negotiators (AGN) came together to raise the issue of climate finance accountability at the ongoing SB62 Bonn climate conference . The mobilisation of developing nations at Bonn is likely to set the tone for the upcoming COP30 in Brazil, where there is expected to be a strong push to include Article 9.1 of the Paris Agreement as a formal agenda item. This comes against the backdrop of widespread disappointment with the climate finance outcomes at COP29 in Baku in 2024. The Bonn conference - an annual precursor to the COP - has seen a standoff between developed and developing countries over including Article 9.1 as a standalone agenda item. The article underscores the obligation of developed countries to provide financial resources to support both mitigation and adaptation efforts in developing nations. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo Although the demand to list Article 9.1 formally on the agenda was not accepted, the conference Chairs permitted a formal consultation on the issue on June 23. India and Bolivia led the discussions, with active interventions from Nigeria, Chad, and the Arab Group. At the heart of the debate is Article 9.1 of the Paris Agreement, which states: "Developed country Parties shall provide financial resources to assist developing country Parties with respect to both mitigation and adaptation in continuation of their existing obligations under the Convention." Live Events However, developing nations argue that the poor implementation of Article 9.1 has undermined both climate equity and trust in the global climate regime. Most climate finance, they note, continues to be in the form of loans rather than grants, increasing the financial burden on vulnerable economies. India's Stand at Bonn India made a forceful pitch during the formal consultation, describing Article 9.1 not just as a moral imperative, but a legal obligation and the "cornerstone of climate equity." It cautioned that strategic deflections from the issue would only delay global climate action and asserted that the commitment cannot be replaced by loosely defined or indirect support mechanisms. Expressing concern over what it called a weakening of multilateralism in climate action , India stressed that implementing Article 9.1 was essential to restoring credibility, balance, and trust in the climate regime. India also termed the New Collective Quantified Goal (NCQG) on climate finance, announced at COP29 in Baku, as "grossly inadequate," "incomplete," and an "eyewash," sources told ET. The Indian delegation also flagged shifting narratives that place unrealistic burdens on developing countries, ignoring their domestic priorities and development challenges. It emphasised that additional climate finance must not come at the cost of undermining national development goals.
